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Federal input screens

Screen K - Shareholders' Pro Rata Share Items (1120)

Income

Enter the amount of interest from U.S. obligations. The application includes this amount on Schedules K and K-1, Interest income, as well as the Schedule K-1 statement for Other Information.
Enter the amount of dividend reported as interest from U.S. obligations. Also, enter the total amount of dividends received in the
Total ordinary dividends
 field. The application reports this amount on the Schedule K-1 statement for Other Information.
Enter the section 199A dividend amounts from Form 1099-DIV. Also, enter the total amount of dividends received in the
Total ordinary dividends
 field.
Enter the unrecaptured section 1250 capital gain distribution amounts from Form 1099-DIV. Also, enter the total amount of dividends received in the
Total ordinary dividends
 field.

Deductions

Select the type of noncash charitable contribution from the Type column and enter both the FMV and Adjusted Basis of the Property donated. The application defaults adjusted basis of the property to the FMV of the property when the Adjusted Basis of Property column is left blank.
The application includes the FMV of noncash property donated on Schedules K and K-1, Charitable contributions. In accordance with IRC Section 1367(a)(2), the application reduces the S Corporation’s Accumulated Adjustments Account and shareholder basis by the adjusted basis of donated appreciated property.
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